The Honorable Minister of State for Petroleum Resources (Gas) Hon. Ekperikpe Ekpo has described the 7th edition of the Nigeria International Energy Summit (NIES 2024) as highly esteemed gathering of energy stakeholders by providing a crucial platform for the exchange of ideas and strategies that will shape the future of our nation’s energy sector.

With this year theme: Navigating the new energy world order: Security, Transition, and Finance,’ underscores the challenges and opportunities that define the prevailing economic realities of the nation. According to the Honorable Minister, the theme resonates deeply with the path that the gas industry must tread to ensure Nigeria’s economic transformation.

Addressing the stakeholders at the event, he further threw more light on the symbiotic relationship between the theme of the summit and the transformative potential of the gas industry in Nigeria which include energy security and transition as they resonant prevalently across the globe.

“Energy security extends beyond geopolitical stability to include the resilience, diversification, and reliability of energy infrastructure. The gas industry, with abundant domestic reserves of proven 208TCF of gas and exploration potential, is crucial for enhancing energy security. In the light of the above, Nigeria has no business with energy poverty.

“On transition to a sustainable energy future, the gas industry serves as a bridge fuel, facilitating the shift from conventional to renewable energy sources. Natural gas, with its lower carbon footprint and versatility, aligns with global climate objectives while providing a reliable solution to meet energy needs. Nigeria, with significant gas reserves, should leverage this advantage to become a key player in the global energy transition,” The Honorable Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo stated.

Sighting finance as an essential integral part for transformative endeavors as regards to development of all investment sectors, which the gas sector should not be exception. And in unlocking the full potential of gas resources, both domestic and foreign investments is important and should be collaboration with international partners, financial institutions, and the private sector all these factors are pivotal for securing funding for gas infrastructure development.

“Nigeria is currently facing both challenges and opportunities, and the gas industry plays a crucial role in shaping the country’s energy future. The nation is rich in natural gas reserves. It is now essential to strategically utilize these resources to drive economic development, job creation, and environmental sustainability.

“As we are all aware, overdependence on oil revenue poses significant economic risks for our nation. Despite efforts to diversify the economy away from oil dependence, we have faced numerous challenges. However, it is in times of challenge that innovation and strategic vision become imperative. Hon. Minister said.

The Honorable Minister described himself as an advocate of shift in Nigerian gas sector; he maintained that a shift towards gas is not merely an option but a necessity for our economic resilience. As gas industry presents a unique opportunity to diversify the nation’s revenue streams, reduce dependence on oil, and create a more robust and sustainable economic foundation.

He enumerated four key pillars necessary for onward journey to revitalize the country’s economy through Natural Gas:

“First, we are accelerating the deployment of gas-fired power plants to enhance the reliability and availability of electricity across the nation. This should come hand-in-hand with encouraging private sector participation in the power sector through attractive investment frameworks and incentives.

Second, we are going to sustain the promotion of the use of natural gas as a feedstock for industries, reducing operational costs and enhancing competitiveness. In addition, we should also facilitate the establishment of gas-based industries to create more employment opportunities and boost economic growth.

“Third, we will continue the development of the necessary infrastructure to ensure widespread access to clean and affordable natural gas for domestic consumers and also encourage the adoption of compressed natural gas (CNG) and liquefied petroleum gas (LPG) for transportation and household use, respectively.

Last but not the least, we are going to strengthen partnerships with neighbouring countries to enhance regional gas trade, cooperation and also explore more international markets for our liquefied natural gas (LNG) exports, thereby, positioning Nigeria as a major player in the global gas market,” Hon. Ekperikpe Ekpo, outlined.

Further in his address, Honorable Minister of State for Petroleum Resources (Gas) Hon. Ekperikpe Ekpo highlighted some milestones and progresses achieved by his ministry in actualization and realization of ‘Decade of Gas’ vision as the official secretariat is now fully operational and functional.

“On September 12, 2023, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced the successful bidders for the Nigerian Gas Flare Commercialization Program. Out of 300 interested entities, 42 were chosen, receiving 40 flare sites for independent development, while 4 entities got 9 sites each for cluster development. It is anticipated that the allocated entities will commence full operations on their sites this year.

Another milestone in our journey towards a gas-focused economy is the Ajaokuta-Kaduna-Kano (AKK) pipeline. I am pleased to report that significant progress has been made in the construction of this critical infrastructure project, and we are on track to ensure its completion and commissioning as scheduled.

“The Obiafu/Obrikom/Oben (OB3) is a vital piece of gas infrastructure for the supply of feedstock to the AKK pipeline. This pipeline is among the biggest gas transmission systems in both Nigeria and Africa. I am highly elated to announce that going by the Contractor estimates, theOB3 pipeline will be completed by March 2024 and the 42″ 127 km pipeline will supply 2BCF per day. Upon completion, this pipeline is intended to supply the AKK pipeline with gas from the three fields of Obiafu, Obrikom, and Oben. I will like to use this opportunity to appreciate the resilience of the NNPCL Group for their steadfastness and proactive approach into ensuring a timely completion of the OB–3 pipeline project,” Hon. Minister highlighted.

In conclusion to his speech, reiterated the unalloyed efforts of the present administration led by President Bola Tinubu and its committed in creating an enabling environment for growth in the gas sector by actively implementing policies and regulatory frameworks that encourage investment, promote innovation, and ensure sustainability.

 He re-emphasized how crucial the nation’s gas is, not as a mere component but a cornerstone in navigating the challenges and opportunities presented by the new energy world order. He called on energy stakeholders to leverage on Nigeria rich gas resources to enhance energy security, facilitate a seamless transition, and attract the necessary finance to propel Nigeria into a sustainable and prosperous energy future.